Transition To International Financial Reporting Standards (IFRS) BHP Billiton Results For The Half Year Ended 31 December 2004

BHP Billiton advises that results for the half year ended 31 December 2004, and balance sheet as at 30 June 2004 have been prepared under IFRS.

Application of IFRS has no impact on BHP Billiton’s strategy or cash flows. The majority of IFRS have little or no impact on either the Group’s financial results as previously reported under UKGAAP, or existing accounting policies.

For the half year ended 31 December 2004, net profit under IFRS of US$2.827 billion was US$70 million higher than under UK Generally Accepted Accounting Principles (UKGAAP). At 31 December 2004, IFRS attributable shareholders equity was US$14.336 billion, US$10 million lower than under UKGAAP.

Details of the Group’s IFRS results, and explanations of differences to those previously reported under UKGAAP are available at www.bhpbilliton.com.